Questions and Answers: Cranbrook Lease Extensions

  • Hello, I stumbled upon this site. I'm seeking prices on what a lease extension will cost for a three bedroom first floor purpose built maisonette in Cranbrook. It's on sale at the moment but has around 60 years remaining on the lease
  • I'm intending to make an offer on a house in Cranbrook but I'm a little worried about it being leasehold. Do you know what title absolute means and is this regarding the lease? Also, we have asked to see a copy of the lease but the homeowner said they might not have it. We are worried about restrictions, and dont know what to do. We have also been approved for the mortgage but the lender doesn't know its leasehold. Do houses qualify for lease extension? Will this affect Virgin Money giving us the mortgage now?
  • I am going to purchase a flat based in Cranbrook. The offer is conditional upon a lease extension. The homeowner’s has served the Notice of Claim. Once this notice has been accepted by the freeholder, it is possible for the lessee to assign the benefit of that notice to me, the buyer, so that the buyer “stands in the shoes” of the Lessee, so to speak. I was wondering if this could be a problem for the mortgage lender Norwich and Peterborough Building Society. Moreover, which are the following lease extension steps to complete the purchase?
  • We are in a building of three flats in Cranbrook and have been offered to buy the freehold for £3,500 per flat rather than go for lease extensions. We are all in agreement that we want to do this but how do we get started and what is the likely cost?
  • My mortgage provider is requesting a £450 fee for their to approve the lease extension deed for my flat in Cranbrook... I can find no mention of this in my mortgage guide... is this a normal charge?
  • My flat in Cranbrook is up for sale and I have a hopefully firm offer. There is 79 years left on the lease and I want to extend the lease. How much does it cost on average to extend in this location by, say,twenty years
  • I am looking for advice as I am interested in a property that has only a fivety seven year lease and therefore requires a lease extension. Is it possible for me to talk with someone to go through my options please?
  • If somebody owns a flat with a lease of under 80 years, they can afford the lease extension by borrowing the funds against the property, and the value of the flat with the new lease will more than cover the cost of the extension, then is there any justification for not doing it?
  • I'm intent on buying a flat in Cranbrook at a price of £195,000 the flat has approaching seventy six years left on the lease. I put in an offer conditional upon the lease being extended... .. that was back in November, expecting I'd have moved in by now. They have just informed the agent that they are prepared to knock £5k off if I deal with the lease extension myself. I'm unsure whether that's a good idea
  • We are hoping to purchase a home (a ground floor flat based inCranbrook with share of freehold). Throughout our search, we were always looking at properties that had at least 83 years outstanding. We came across a flat we fell in love with and the selling agent assured that the lease term was not an issue. This morning our advised us the lease only has seventy three years and thus needs a lease extension. Do we run away, or should we reduce our offer?

    • Find out more about a accredited conveyancer's need to have CQS Policy Templates applicable for conveyancers in Cranbrook